I cnnot remember the source but was told that the "spacers that have the studs built in" was far safer than just studs with spacers..i think it has to do with amount of contact...
I disagree. Wheel "Adapters" i.e. those with their own studs offset between the axle's studs, have HUGE unavoidable stress-risers built into them. If they were made from steel it wouldn't be a big deal. Being made from aluminum, Fatigue Life becomes a very large and important consideration. All of the loads have to go thru the adapter in a cyclic bending type of loading.
Ask this question on pretty much any 4x4 forum if you want to start a fight. Those who had one fail aren't all that common, but to a person none that I've ever seen post about them would use them again. The nay-sayers all say "they're fine", but they haven't tried to live through one of them failing. Yet. Those that have had them fail have some pretty grim stories to tell.
A true spacer, i.e. something that slips over the axle's studs, doesn't have this problem. The spacer is just that, a spacer. If the wheel studs are seeing bending loads the nuts aren't tight enough. Just like a flywheel, it is not the strength of the bolts (studs) in shear that transmits the power. It is the friction between the wheel's mounting surface and the face on the end of the axle that transmits the power. A spacer doesn't alter that, it just adds another pair of friction faces to the system. the same nut torque will clamp both sets equally.
Either type will place a large tensile load on the studs if the center of the contact patch is moved very far form stock. If I were to do this I'd want nothing less than ARP's premium wheel studs. And they need to be long enough that there is at least one stud diameter sticking out past the open end of each lug nut.
I'm not normally a "Sky is falling" kind of guy, but these scare me. Used appropriately (i.e. making up the difference in wheel back-space so that the tire ends up in the stock location) they're probably not a problem. Used badly, as most of them that I've seen are, they're a very big accident looking for a place to happen.